Offshore Founfation

Offshore foundations are incorporated in offshore jurisdictions of Panama, Nevis, Bahamas, Seychelles, Belize, Anguilla and other offshore tax havens. The offshore foundations can be a charitable or non charitable entity. Foundations has been around for many decades; Europe has been known to register foundation to protect the wealth of the wealthy persons today with tax planning and asset protection becoming more important to individuals and corporation the registration of offshore foundations is being done in many countries round the world.

Offshore foundations have many uses; it is popularly used in estate planning. A foundation can be registered with assets for use by families and these assets can be passed on from one generation to the next. Foundation laws prevent forced heirships and this is a very important medium to use to safeguard family wealth and asset. Foundations registered in the tax havens are protected by strong asset protection law which prevents the rulings of foreign courts, creditors and other parties from accessing the assets of offshore foundations.

The founder is the individual or corporation who hands over assets which will be registered with the offshore foundation. These assets will now belong to the offshore foundation which is a legal entity in the jurisdiction where registration has taken place.

The Foundation council acts as the directors of the offshore foundation. These persons will be responsible for managing any assets which an offshore foundation owns and are also responsible for managing the affairs of the offshore foundation. In some offshore jurisdictions a total of no less than four foundation councils must be appointed. Some offshore tax havens allow for corporate and individual offshore foundation council members. The beneficiaries of the offshore foundation inherit the assets of the offshore foundation.

The Nevis offshore foundation or multiform foundation is a unique offshore foundation which is only offered in the offshore tax haven of Nevis. The Nevis offshore foundation similar to Nevis company can be registered as any of the following entities: corporation, trusts, partnership or an ordinary foundation. The format which the Nevis foundation takes must be stated in the registration documents.

Offshore foundations are exempted from taxes in the offshore tax havens. The assets owned by offshore foundations must be located outside of the offshore tax haven where foundation formation has taken place. Offshore foundation can own assets such as real estate property, capital, shares, art and others.

For offshore foundation registration a foundation charter is prepared and registered in the offshore tax haven of choice. An offshore registered agent prepares the document for registration. The following information is filed for offshore foundation formation:

  • The name of the foundation
  • Name and address of the offshore agent
  • The assets with which the foundation is registered
  • The names and addresses of the foundation council
  • The name and address of the Founder
  • The purpose for offshore foundation formation
  • The names and address of the foundation beneficiaries

Offshore foundation formation are perfect for safeguarding assets.

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